UWC ratings downgraded on weak performance

HLIB Research said UWC’s core net profit of RM23mil for the first quarter ended Oct 31, 2022, missed expectations, accounting for only 18% of the research house’s and consensus forecasts for the full financial year ending July 31, 2023.

PETALING JAYA: UWC Bhd’s weaker-than-expected start to its new financial year has somewhat dampened sentiment towards the company.

This is evidenced by Hong Leong Investment Bank (HLIB) Research’s move to downgrade its rating for the integrated engineering support services provider.